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Transferring final salary pensions to Fidelity

A defined benefit pension pays a retirement income based on your salary and how long you have worked for your employer. Defined benefit pensions include salary related (‘final salary’ and ‘career average’) pension schemes. This type of pension is generally only available from public sector or older workplace pension schemes.

If you have a defined benefit pension and are considering transferring your pension fund somewhere else, there are some important things you should consider as you will be giving up valuable benefits. The government insists that appropriate financial advice from a suitably qualified adviser must be taken before you can transfer defined benefit pensions worth £30,000 or more.

Transferring a pension that contains any kind of promise or guarantee requires careful consideration. This is because the benefits are normally lost once you transfer and cannot usually be reinstated. The value of some benefits can be substantial and a transfer, giving them up, may prove to be both costly and inappropriate.

Transferring defined benefit pensions at a glance

Benefits of a defined benefit scheme
Potential reasons you may want to consider a transfer
Other things to consider

Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. Please read our pension transfer factsheet. This information is not a personal recommendation for any particular product, service or course of action. If you’re in any doubt about whether a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from an authorised financial adviser.

The value of investments can go down as well as up, so you may get back less than you invest. You will not normally be able to withdraw money from a pension until you reach age 55. 

Get some expert help

If you want to transfer your defined benefit pension into the Fidelity SIPP, we believe it is very important to ensure it is in your best interests to do so. Therefore, we will only accept transfers from defined benefit pension schemes if you have taken appropriate financial advice and the advice confirms that it is in your best interests to transfer.

You can get personal retirement advice from Fidelity’s retirement service at a low cost fixed fee. The recommendation will be based on careful financial analysis of the value of your transfer in relation to your personal circumstances and objectives. If the research concludes your transfer value isn’t offering fair value and/or transferring isn’t right for you at this time they will advise against a transfer and Fidelity will not therefore accept the transfer.

The advice fee will apply, regardless of the outcome. You will however receive a Financial Advice Certificate which may enable you to release your transfer to an alternative pension provider if you still wish to proceed against Fidelity’s advice.

Call us on 0800 368 6882.

Alternatively you can get advice from an appropriately qualified financial adviser of your choosing and get them to complete and return the to us, so we can process your request. This advice must still confirm it is suitable for you to transfer your benefits from your current pension scheme to a flexible benefit arrangement.


Pension Wise

The Government offers a free and impartial guidance service to help you understand your options at retirement. This is available via the web, telephone or face-to-face through government approved organisations, such as The Pensions Advisory Service and the Citizens Advice Bureau.

You can find out more by going to or by calling Pension Wise on 0800 138 3944.

The value of investments can go down as well as up, so you may get back less than you invest. This information is not a personal recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure about the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s Retirement Service on 0800 084 5045 or refer to an authorised financial adviser. Pension money cannot normally be withdrawn until age 55.